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Record low number of children sliding into debt

Published lördag 8 november 2014 kl 11.21
Photo: Henrik Montgomery/TT.

The number of children in debt has been halved since 2010 and is now at a record low, reports Swedish Radio's local channel in Värmland.

Figures from the Swedish Debt Enforcement Authority show that 1,700 children were registered as in debt in 2010. Today that figure is 750.

Most Swedish children fall into debt thanks to their parents who put cars in the child's name or shop using the child's identity. One big reason for the drop in indebted children was a legal change that prevents parents from using their child's name on bills and orders.

The debt agency said the two main reasons kids are behind on payments when the turn 18 is that they have tax debts after selling shares and bonds or they have been fined or convicted of some crime and ordered to pay damages.

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